Report: Sears restructures leadership

HOFFMAN ESTATES, Ill. Sears Holdings is restructuring its leadership in order to get the company back on track, according to reports.

Reports indicate that a Sears spokesman said in an e-mail statement that each of the company's business units would be headed by separate executive. A group of executive advisers will oversee the performance of each group.

Last week, Sears reported that its fourth quarter profit may fall by more than 50%. According to reports, the decision to restructure the company is due to this decline.